, UK
HSBC branch in Hong Kong (photo courtesy of HSBC).

HSBC sells Canadian banking operations to Royal Bank of Canada for $10.1b

The bank expects to generate an estimated pre-tax gain of $5.7b.

HSBC is selling its Canadian banking operations to the Royal Bank of Canada or RBC for $10.1b (CA$13.5b), according to a press announcement.

From the deal, HSBC expects to generate an estimated pre-tax gain of around $5.7b, and will see a boost of 130 basis points in its common equity tier 1 ratio.

The deal is subject to regulatory and government approvals.

ALSO READ: HSBC to close 114 branches in the UK

“HSBC Canada is a high performing and profitable bank, with strong leadership and exceptional people. I am grateful to the whole team for their hard work in supporting our clients over many years,” said Noel Quinn, HSBC Group Chief Executive.

“The deal makes strategic sense for both parties, and RBC will take the business to the next level. We look forward to working closely with RBC’s leadership team to ensure a smooth transition for our clients and colleagues,” Quinn added.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Hong Kong’s livi bank launches game-changing app for SMEs
Going fully digital on opening accounts and approving quick loans to SMEs raises ‘livi Business’ disbursements to over HK$70m (US$8.9m) as of end-April.
3 principles guide Bank Aladin Syariah in tapping Indonesia’s customer segments
Within a year, the digital sharia bank got past low penetration to record 1.7 million customers and now targets multiple times growth by end-2023.
Bankers face sluggish hiring market, layoffs in Hong Kong
Industry insiders reveal how investment banks prioritize cost efficiency and productivity over hiring new employees.